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An Italian village is selling houses for $1.25 so it does not become a ghost town, Business Insider

, Sardinia, Italy.source Michele Columbu The Italian town of Ollolai is selling 200 homes for EUR1 ($1.25) in an effort to draw brand-new locals. The village’s population has declined substantially in the last 50 years.New owners

must remodel the homes within 3 years, which will cost approximately $25,000.

Ollolai’s mayor hopes that the strategy will help preserve the town’s customs.

On the Mediterranean island of Sardinia, the old village of Ollolai is at danger of turning into a ghost town.

Over the past half-century, houses for so little. As Service Expert formerly reported, the Sicilian town of Gangi began offering uninhabited homes for EUR1 in 2015. Gangi and Ollolai shared the same condition: Owners required to present prepare for restoration within the first year, and repair up their homes within three.Some US cities have actually attempted comparable strategies to bring in brand-new residents. Villages like Gary, Indiana and bigger cities like Indianapolis, Indiana and Detroit, Michigan, have noted certain houses for $1 and even for free.It’s unclear if the method will work in Ollolai, but Arbau is optimistic.